Bitfinex released its latest market analysis report, highlighting a major shift in Bitcoin markets last week. The price surged to a new all-time high (ATH), currently trading above the $97,000 mark, which pushed its market capitalization to $1.8 trillion. With this rise, Bitcoin has surpassed silver and is now the eighth largest asset in the world by market cap.
This new ATH followed a remarkable 39.5% surge within just nine days, marking the largest 9-day increase since January 2021. The rally is one of the most notable short-term capital inflows into any asset class in history, signaling that investor interest in Bitcoin is approaching levels typically seen with mainstream assets.
Bitcoin exchange-traded funds (ETFs) traded in the US have amassed $84 billion in assets under management, now representing 66% of the total assets of gold ETFs. While recent investor enthusiasm has cooled slightly, with approximately $640 million in net outflows over the final two trading days of the week, Bitfinex remains optimistic about Bitcoin’s long-term outlook. With institutional investment increasing and ETFs gaining market share, Bitcoin’s trajectory is poised for further growth, which could impact capital allocation strategies in the years ahead, according to the firm.
US Economy Shows Resilience Amid Inflationary Pressures And Rising Fiscal Concerns
These developments unfold against a backdrop of a resilient US economy but also emerging challenges, particularly regarding inflation. In October, inflation increased, driven by higher shelter costs and used car prices, although this was partially mitigated by falling energy prices.
The labor market remains strong, characterized by low layoff rates and rising wages, which have supported consumer spending. October’s retail sales exceeded expectations, benefiting from steady wage growth and household wealth, indicating ongoing economic momentum.
However, fiscal policies, such as proposed tariffs and increased government spending, have raised concerns about potential inflationary pressures. These factors complicate the Federal Reserve’s ability to pursue rate cuts. As markets adjust to these changes, the economic outlook remains optimistic but presents a delicate balance.
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